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Side-by-side financial comparison of CARTERS INC (CRI) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
CARTERS INC is the larger business by last-quarter revenue ($757.8M vs $631.2M, roughly 1.2× FORWARD AIR CORP). CARTERS INC runs the higher net margin — 1.5% vs -4.5%, a 6.0% gap on every dollar of revenue. On growth, CARTERS INC posted the faster year-over-year revenue change (-0.1% vs -0.3%).
Carter's, Inc. is a major American designer and marketer of children's apparel. It was founded in 1865 by William Carter.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
CRI vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $757.8M | $631.2M |
| Net Profit | $11.6M | $-28.3M |
| Gross Margin | 45.1% | — |
| Operating Margin | 3.8% | -0.5% |
| Net Margin | 1.5% | -4.5% |
| Revenue YoY | -0.1% | -0.3% |
| Net Profit YoY | -80.1% | 22.2% |
| EPS (diluted) | $0.32 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $631.2M | ||
| Q3 25 | $757.8M | $631.8M | ||
| Q2 25 | $585.3M | $618.8M | ||
| Q1 25 | $629.8M | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | — | $655.9M | ||
| Q2 24 | — | $643.7M | ||
| Q1 24 | — | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $11.6M | $-16.3M | ||
| Q2 25 | $446.0K | $-12.6M | ||
| Q1 25 | $15.5M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | — | $-73.4M | ||
| Q2 24 | — | $-645.4M | ||
| Q1 24 | — | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | 45.1% | — | ||
| Q2 25 | 48.1% | — | ||
| Q1 25 | 46.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 3.8% | 2.4% | ||
| Q2 25 | 0.7% | 3.2% | ||
| Q1 25 | 4.1% | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | -170.2% | ||
| Q1 24 | — | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 1.5% | -2.6% | ||
| Q2 25 | 0.1% | -2.0% | ||
| Q1 25 | 2.5% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | — | -11.2% | ||
| Q2 24 | — | -100.3% | ||
| Q1 24 | — | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.32 | $-0.52 | ||
| Q2 25 | $0.01 | $-0.41 | ||
| Q1 25 | $0.43 | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | — | $-2.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.2M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $864.6M | $113.3M |
| Total Assets | $2.5B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $184.2M | $140.4M | ||
| Q2 25 | $338.2M | $95.1M | ||
| Q1 25 | $320.8M | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | — | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $864.6M | $139.8M | ||
| Q2 25 | $853.9M | $151.8M | ||
| Q1 25 | $847.2M | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | — | $226.1M | ||
| Q2 24 | — | $283.8M | ||
| Q1 24 | — | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $2.5B | $2.8B | ||
| Q2 25 | $2.5B | $2.8B | ||
| Q1 25 | $2.3B | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-128.0M | — |
| Free Cash FlowOCF − Capex | $-144.1M | — |
| FCF MarginFCF / Revenue | -19.0% | — |
| Capex IntensityCapex / Revenue | 2.1% | 1.3% |
| Cash ConversionOCF / Net Profit | -11.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $-128.0M | $52.7M | ||
| Q2 25 | $40.3M | — | ||
| Q1 25 | $-48.6M | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | — | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $-144.1M | $48.6M | ||
| Q2 25 | $24.1M | — | ||
| Q1 25 | $-59.0M | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | -19.0% | 7.7% | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | -9.4% | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 2.1% | 0.7% | ||
| Q2 25 | 2.8% | 0.8% | ||
| Q1 25 | 1.6% | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | -11.04× | — | ||
| Q2 25 | 90.37× | — | ||
| Q1 25 | -3.13× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRI
| Sales Channel Directly To Consumer | $362.3M | 48% |
| Sales Channel Through Intermediary | $283.8M | 37% |
| Other | $110.4M | 15% |
| Gift Cards | $1.3M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
